NYSE$FLS
Flowserve Corp · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Flowserve's Q2 2023 earnings were reported, with raised full-year revenue and adjusted EPS guidance.
Flowserve Corporation reported strong second-quarter results, with revenue growth of 22.5% and an adjusted operating margin of 10.4%. The company raised its full-year revenue and adjusted EPS guidance range due to strong year-to-date results and increased expectations for the remainder of the year. Total bookings were $1.11 billion, and backlog increased to $2.84 billion.
- Reported EPS grew 15% year-over-year to $0.39, and adjusted EPS grew 73% year-over-year to $0.52.
- Achieved sixth consecutive quarter with bookings above $1 billion, with Q2 bookings at $1.1 billion, driven by aftermarket growth of 12.3%.
- Generated revenue growth of 22.5% with an adjusted operating margin of 10.4%, an increase of 320 bps year-over-year.
- Backlog of $2.84 billion increased 3.9%, or $108 million, versus 2022 year-end, supported by 1.03x book-to-bill in the second quarter.
Headline financials
Revenue & EPS history
Flowserve · Revenue · Quarterly
$1.08B
Revenue by segment
Flowserve · $1.08B total across 2 segments · Q2 2023
- Aftermarket Bookings$563M+19.5%52.1%
- Original Equipment Bookings$518M+25.9%47.9%
Forward guidance
Flowserve is raising its Revenue and Adjusted EPS guidance metrics for 2023.
Tailwinds
- Revenue Growth Up 16.0% to 18.0%
- Adjusted Earnings Per Share $1.85 - $2.00
- Adjusted Tax Rate ~20%
- Net Interest Expense ~$60 million
- Capital Expenditures $75 - $85 million
Headwinds
- The outlook excludes any contribution from the previously announced pending acquisition of Velan Inc.
- Adjusted EPS target range also excludes expected adjusted items including identified realignment charges of approximately $40 million
- potential impact of below-the-line foreign currency effects
- certain other discrete items which may arise during the course of the year
- potential for additional realignment expense
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.4%
Avg return
Earnings day
-0.9%
Avg return
5 days after
-1.3%
Avg return
30 days after
54%
38 / 71 earnings
Positive
+30.9%
Q3 2025
Best reaction
-12.7%
Q3 2010
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | -16.7% | -10.4% | |
| Q4 2025 | +8.4% | +9.6% | -3.5% | |
| Q3 2025 | +30.9% | +36.4% | +35.5% | |
| Q1 2025 | +0.8% | +5.2% | +11.2% | |
| Q4 2024 | -6.5% | -13.1% | -19.9% | |
| Q3 2024 | +2.8% | +1.7% | +15.3% | |
| Q2 2024 | -2.9% | -7.6% | -3.9% | |
| Q1 2024 | +0.9% | +1.6% | +4.0% | |
| Q4 2023 | -0.8% | -1.8% | +7.1% | |
| Q3 2023 | +0.8% | +0.1% | +4.6% | |
| Q2 2023 | +3.4% | +3.7% | +4.8% | |
| Q1 2023 | +5.2% | +5.9% | -2.5% | |
| Q4 2022 | -4.8% | -2.7% | -12.5% | |
| Q3 2022 | -2.9% | +4.5% | +9.3% | |
| Q2 2022 | +8.7% | +11.8% | +4.4% | |
| Q1 2022 | -4.2% | -4.5% | -3.5% | |
| Q4 2021 | -7.8% | -5.7% | +8.9% | |
| Q3 2021 | -11.1% | -8.7% | -15.4% | |
| Q2 2021 | -5.7% | -6.8% | -11.1% | |
| Q1 2021 | +5.8% | +7.6% | +7.1% | |
| Q4 2020 | -1.0% | -5.5% | -2.2% | |
| Q3 2020 | -4.6% | +9.9% | +18.5% | |
| Q2 2020 | -8.5% | -7.2% | +0.3% | |
| Q1 2020 | +0.5% | -12.2% | +18.5% | |
| Q4 2019 | -0.9% | -0.9% | -56.2% | |
| Q3 2019 | -2.3% | +1.8% | -2.6% | |
| Q2 2019 | -11.6% | -13.2% | -16.9% | |
| Q1 2019 | +6.3% | +1.4% | -5.1% | |
| Q4 2018 | -1.8% | -1.9% | -7.9% | |
| Q3 2018 | +10.0% | +2.2% | -5.8% | |
| Q2 2018 | +6.2% | +8.7% | +14.3% | |
| Q1 2018 | -9.0% | -9.0% | -11.8% | |
| Q4 2017 | +4.4% | +3.6% | +5.6% | |
| Q3 2017 | -11.2% | -9.2% | -3.8% | |
| Q2 2017 | -11.4% | -10.8% | -17.6% | |
| Q1 2017 | -1.8% | -1.7% | -4.7% | |
| Q4 2016 | -5.5% | -5.5% | -8.2% | |
| Q3 2016 | -3.5% | -3.8% | +7.2% | |
| Q1 2016 | +2.0% | — | — | |
| Q4 2015 | -4.2% | — | — | |
| Q3 2015 | +3.7% | — | — | |
| Q2 2015 | +0.1% | — | — | |
| Q1 2015 | -3.8% | — | — | |
| Q4 2014 | +3.7% | — | — | |
| Q3 2014 | +0.1% | — | — | |
| Q2 2014 | +4.8% | — | — | |
| Q1 2014 | -6.0% | — | — | |
| Q4 2013 | +5.4% | — | — | |
| Q3 2013 | +11.8% | — | — | |
| Q2 2013 | +0.8% | — | — | |
| Q1 2013 | +2.4% | — | — | |
| Q4 2012 | +2.2% | — | — | |
| Q3 2012 | +3.5% | — | — | |
| Q2 2012 | +3.3% | — | — | |
| Q1 2012 | -2.1% | — | — | |
| Q4 2011 | +2.2% | — | — | |
| Q3 2011 | +11.3% | — | — | |
| Q2 2011 | -8.4% | — | — | |
| Q1 2011 | +3.1% | — | — | |
| Q4 2010 | -0.2% | — | — | |
| Q3 2010 | -12.7% | — | — | |
| Q2 2010 | +2.7% | — | — | |
| Q1 2009 | -3.0% | — | — | |
| Q1 2010 | +2.8% | — | — | |
| Q4 2007 | +0.4% | — | — | |
| Q4 2009 | +0.4% | — | — | |
| Q3 2009 | -0.4% | — | — | |
| Q3 2008 | -0.4% | — | — | |
| Q2 2008 | +10.5% | — | — | |
| Q4 2008 | +10.5% | — | — | |
| Q2 2009 | +10.5% | — | — |
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